Saturday, 25 July 2015

United States bars bank over money laundering. U.S. authorities severed access to the U.S. financial system for a Tanzania-based lender they accuse of facilitating money laundering. U.S. financial institutions are now barred from opening or maintaining accounts at FBME Bank Ltd., said the U.S. Department of Treasury’s Financial Crimes Enforcement Network, or FinCEN. The bank was named last year by FinCEN as a “financial institution of primary money laundering concern” under Section 311 of the Patriot Act; the action taken Thursday finalized the initial findings, fully cutting the bank off from the U.S. financial syste